New Market Research Reports Title Global Automotive Coatings Market Analysis Size And Segment Forecasts To 2022 Has Been Added to GrandViewReseach.com Report Database

Global Automotive Coatings market is expected to reach USD 27.69 billion by 2022, according to a new study by Grand View Research, Inc. Increasing demand for coatings owing to its ability to protects vehicles against UV radiation, acid rain and harsh weather is expected to drive market growth. In addition, growing automotive production growth in Mexico, China and U.S. coupled with rising middle class income is expected to fuel market growth over the forecast period. Surging coatings demand in the automotive refinish segment on account of increasing accidents and aging of vehicles is anticipated to augment market demand. Growing consumption of UV-cured coatings on account of their excellent properties including low-temperature processing, high chemical resistance and solvent free formulations is anticipated to spur automotive coatings demand. Asia Pacific is expected to witness high growth as a result of growing luxury cars production in the region on account of rising income level in China, India and Japan. New investments by companies coupled with growing number of production facilities of coatings in Brazil is expected to stimulate market for automotive coatings in Latin America.

Waterborne coatings were the second largest segment in 2014, accounted for over 30% of market revenue and are expected to gain market share owing to their cost advantage over solventborne coatings. Powder coatings is expected to be the fastest growing segment as EPA and REACH have been promoting their use as an environmentally friendly coating option.

Global automotive coatings market demand was 3,769.2 kilo tons in 2014 and is expected to exceed 5,000 kilo tons by 2022, growing at a CAGR of over 4.5% from 2015 to 2022.

Basecoat was the largest product segment in 2014 and is expected to show rapid growth at an estimated CAGR of over 5.0% from 2015 to 2022 on account of increasing usage per vehicle as it imparts exterior aesthetics, color along with decorative effects.

Light vehicle OEM was the largest end-use segment in 2014 and is expected to witness significant growth over the next seven years on account of increasing demand for passenger cars in China, India, Thailand, Mexico and Saudi Arabia. Rising industrialization is expected to stimulate market for commercial vehicles, which is further expected to fuel market growth.

Asia Pacific was the largest regional market and is expected to witness swift market growth, at an estimated CAGR of 5.6% from 2015 to 2022, owing to increasing vehicle production in China, India, Indonesia, Thailand, Japan and Malaysia. Moreover, increasing government spending on road infrastructure is expected to spur market growth.

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.